Exam (elaborations)
CT Property and Casualty Questions With Complete Solutions
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CT Property and Casualty Questions With Complete Solutions
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CT Property and Casualty Questions With CompleteSolutions
Absolute Liability Correct Answer Liability that Occurs due to
Extremely Dangerous Operations
Acting as Insurance Agent Without License Correct Answer -
Fine between 250 and 2500
Actual Cash Value (Personal Property) Correct Answer
Replacement Cost - Depreciation Cost
Actual Cash Value Endorsement (HO) Correct Answer -
Obsolete or Useless Property not Covered
-Payment Will be the Lesser of the ACV and Replacement
-Older Property is on a ACV Basis not Replacement
Additional Coverages in All Homeowners Correct Answer -
Debris Removal
-Repairs
-Trees/Shrubs
-Fire Department
-Property Removed
-Credit Cards/Forgery/Counterfeit
-Except for HO-8, Broken Glass Covered
Adhesion Correct Answer Policy Written by Insurer, Can't be
Changed, Court will Take side of Insured if Unclear
After States Passed WC Laws Correct Answer Employer
Agrees to Pay Regardless of Fault
,Aleatory Correct Answer Not Equal Value, Small Premium for
Large Coverage
Alternative Transportation Expense Correct Answer -20 a Day,
Max of 600
-48 Hour Wait Period for Theft, 24 for Everything Else
Annual Transit Policy Correct Answer Inland Marine Form
that Protects all of the Insured's Incoming or Outgoing
Shipments for the Year
Appurtenant Structure Correct Answer Structures/Property that
are set Apart from the Dwelling by Clear Space (not plants)
AR Coverage Correct Answer -Loss Caused by Damage
-Requires Receptacles
Assumption of Risk (WC) Correct Answer Employee knew of
Job Risks, Employer not at Fault
Availability of Insurance on Real Property Correct Answer It is
Unfair Discrimination to Prohibit Insurance Based on Location,
Age, and Difference between Replacement cost and Market
Value
Aviation Insurance Correct Answer -Medical Payments
-Bodily Injury to Passengers
-Injuries to People other than Passengers
-Damage to Luggage
, Aviation Physical Damage/Hull Coverage Correct Answer -
Electronic Navigation
-Engines
-Air Frames
Bailee Liability Correct Answer Covers Damage to Customer's
Property, Pays Customer
Basic Farm Perils Correct Answer -Earthquake or Flood Loss
to Livestock
-Theft
-Fire
Bid Bonds Correct Answer Awarded to the Lowest Bidder
Binder Correct Answer -Temporary Oral or Written Statement
made by Agent that Grants Immediate Coverage
-Valid up to 60 Days
BOP Additional Coverages Correct Answer -Debris Removal
-Collapses
-Loss of Business Income
-Increased Cost of Construction
-Electronic Data
-Pollutant Cleanup
BOP Building Coverage Correct Answer -Materials/Equipment
within 100ft of the Premises
-Completed and In Progress Additions (Construction)
-Permanently Installed Equipment and Fixtures
-Personal Property used to Maintain the Building
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